CPE Consulting must repay the bank a single payment of $120,000 cash in 8 years for a loan it entered into. The loan is at 3% interest compounded annually. The present value of 1 (single sum) at 3% for 8 years is 0.7894. The present value of an annuity (series of payments) at 3% for 8 years is 7.7861. The present value of the loan (rounded) is: $15,000. $94,728. $120,000. $934,332. $49,345.